Snapshot: USD/CHF trades at 0.8098, up 0.09% on the day. The Swiss National Bank’s unwavering commitment to FX intervention as its primary tool for managing inflation and currency strength, rather than rate adjustments, continues to anchor the Franc. Today’s focus shifts to US macro data and sentiment prints.
- SNB policy rate remains at 0.00%, with no hike expected until H2 2027.
- Watch for any shifts in the SNB’s FX intervention rhetoric or actual market activity in response to US data.
Bias into NY: The Franc is likely to remain range-bound around current levels, with the SNB’s intervention capacity acting as a floor against significant USD/CHF upside. A hawkish US surprise could test this, but the SNB’s readiness to sell USD/CHF should cap gains below 0.8150.